Cloudhashing Mining Software

Cloudhashing.com is a virtual mining company that allows those interested in bitmining to do so without the need for expensive equipment. Everything is done through a cloud service, making accessibility simple.

Users of the site are required to pay membership fees to use the advanced 28nm ASIC technology. Premium memberships such as a Silver membership costs $999 for a year, Gold is $3,999 a year and Platinum memberships cost $8,999 for the year. Users who sign up for Platinum get 300.00 Gh/s of mining power, Gold will get you 50.00 Gh/s and Silver 10.00 Gh/s, respectively. Bronze contract memberships are also available for bitcoin novices.

Cloudhashing was designed with the idea of replacing expensive mining hardware machines that took up space and too much electricity. The company was founded by CEO Emmanuel Abiodun.

Reddit Community Reacts

CloudHashing.com customers took to Reddit to blow off some steam about the mining software service. It stands to argue, the contracts that are currently being offered by Cloudhashing are at a ridiculously high cost and confusing for those interested in ‘cloud’ mining. Some customers have expressed frustration with the company, saying that they found it to be ‘very annoying’, while others claim it’s a scam.

One of such Cloudhashing’s displeased customer, CaptainThunerpants, questioned the excessive fees being charged by the company. Such fees included a management fee and a contract fee.

After signing up for the 1-year contract service, the user realized that the year of use didn’t begin at sign up. Rather, the company’s terms defined when the year ended. Instead of each individual having a full year of the mining software, everyone’s contract ended at the same time, regardless of when they signed up. User was gypped out of an entire month of mining. The user wrote:

“On January 2nd I signed up for a “1 Year Contract”. After my account was created, I noticed that my 1 year contract was set to expire on December 1st; 11 months from when I bought it. I contacted support and inquired about it and they said my contract was “1 year from the time the mining term started, not from when I purchased my contract” and they stated “sorry if you were confused”. Well hell yes, I was “confused”! Because their website stated 1/year contract! It’s now February and the same contract is listed as “1/year” but anyone who buys it now will only get 10 months. That’s not right and tantamount to fraud in my book.”

CoinReport has reached out to the Cloudhashing team to provide answers and will follow the story as it progresses. So far, Cloudhashing has not replied back.

4 Comments

I’m sorry, I was once a Cloudhashing fan, but the business model is turning out to be a big ponzi scheme. I spent $1000 on a 2 year contract in December, it paid alright for the first month or two where I calculated I should break even by the beginning of the second year. I knew there would be a decrease in mining power with my existing contract, so I took part in their Revenue Reinvestment scheme.

6 months in, approx 50Ghs of processing power, it now takes about a month to mine approx 0.05BTC ($20 at todays rate). I’ve received approx $400 in payments back, however, at this rate I’m likely to make a significant loss!

AVOID and REPORT Cloudhashing as a scam. Do not sign up, the business model is seriously flawed.

Do not but from CloudHashing.com they are unporfressionla. They have email support that comes 3/4 days if you send an email. If you buy contract from CloudHashing.com your money will be lost for ever. I purchased a plan $299 and first payment thrashould level was 0.02 Bitcoin and even the level crossed they did not send the money. After 3/4 days they sent it. Again I set the Bitcoin level to lower/down amount. But the level is crossed 5 days ago. But I did not get a single penny. I am very sorry to say that I will never recomand them if you wish to buy from http://WWW.CloudHashing.com

The Revenue Reinvestment Program should be every month. In August 2014, it stated the next reinvestment would be December. That is breach of contract. On checking today, I there is no reference (that I can find) to a December reinvestment. My account has hit double the automatic withdrawal, and still no withdrawal received. Cloudhashing Facebook page has to all intent and purpose disappeared.

THIS COMPANY NEEDS TO WAKE UP AND GIVE THE GOOD SERVICE DEMANDED OF THEM